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“We really like our team,” Grizzlies CEO Jason Levien told reporters late last week, adding that the team is more likely to “do nothing” regarding separating the quartet of Gay, point guard Mike Conley, forward Zach Randolph and centre Marc Gasol.

The Raptors remain in pursuit, sources told ESPN.com, and have made point guard Jose Calderon and forward Ed Davis available.

Gay, 26, is averaging 17.2 points per game this season and has two years and more than $35-million left on his current contract. The number eight pick in the 2006 draft, Gay has spent his entire career with Memphis.

ESPN.com also reports that multiple NBA front offices believe that Toronto point guard Kyle Lowry and forward Andrea Bargnani are available. Lowry could be a target for the Boston Celtics, who lost starting point guard Rajon Rondo to a season-ending knee injury on Sunday.